The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company also maintains 31 field offices around the world to promote social and economic development in Asia. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. From 31 members at its establishment, ADB now has 68 members.The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. ADB is an official United Nations Observer.As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.
The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century. In this study, we analyze the patterns of recessions and recoveries of 101 advanced and developing economies. We identify the turning points of recessions and expansions between 1990 and 2022, and perform cross-country analysis of domestic and external drivers of economic recovery. In addition to the standard independent variables, we include institutional development, political stability, the extent of democracy, and trade restrictions indexes, and explore their roles in explaining recessions and recovery patterns. For the whole sample, we find that deeper recessions are followed by stronger recoveries, in line with Friedman’s plucking model of the business cycle. However, the empirical evidence for the plucking model becomes weaker if institutional development is limited and trade restrictions are high. We show that recessions that create conflict and trade tensions differ sharply from those that do not, a relevant finding in the current global climate of heightened trade tensions and geopolitical uncertainty. Finally, since developing countries tend to have weaker institutions and higher trade barriers, our evidence suggests that countercyclical monetary and fiscal policy will have to play a bigger role in cushioning global shocks in those countries. This, in turn, requires more robust and credible monetary and fiscal policy frameworks.
This paper provides estimates of oil price pass-through (OPPT) to both producer and consumer prices for nine emerging Asian economies using a time-varying parameter SVAR model over the period 1991-2023. We further examine how global factors affect the transmission of oil prices to producer and consumer prices, specifically via shocks in global output, US monetary policy, and global financial market uncertainty. Overall, we find that OPPT is less than proportionate and mostly higher for OPPT to producer than consumer prices, while pass-through estimates also tend to be higher in the long term. In addition, we find that OPPT has been declining for most Asian EMEs in the period after the global financial crisis of 2008. Finally, while the responsiveness of OPPT to global shocks varies depending on the type of shock, contractionary US monetary policy shocks overall most significantly amplify OPPT for both producer and consumer prices.
This paper examines the gender-specific effects of exogenous public spending shocks across a global sample, using a novel identification strategy and local projections. We distinguish between investment and consumption shocks and further decompose spending by function—education, health, and social protection. Public investment shocks generally reduce female labor force participation but increase wage shares and lower maternal mortality. Consumption shocks also lower participation but raise service-sector employment and tertiary enrolment in the short term. Functionally, education spending delays labor force entry but improves wages and enrolment; health spending boosts agricultural employment but may initially increase maternal mortality; and social protection stabilizes rural employment while reducing overall participation. Nonlinear analyses reveal strong heterogeneity by income level, initial gender inequality, and labor informality. For example, investment boosts female employment in poorer EMDEs but reinforces participation gaps in richer ones. These results highlight the need for gender-responsive fiscal frameworks tailored to structural conditions, and show that fiscal design—not just scale—shapes inclusive development outcomes.
We investigate the effects of different components of government spending on inclusive growth. More specifically, we consider the inclusive impact of public spending on environmental protection, health, education, housing, and social protection, all of which can conceivably promote inclusive growth. For our empirical analysis, we apply panel regressions and local projections to a comprehensive database of 191 countries between 1980 and 2023. Our evidence indicates that equity-promoting government spending reduces income inequality, as measured by the Gini index, and improves human development indicators. Moreover, our analysis reveals that poorer households benefit disproportionately, suggesting that targeted fiscal expenditures can promote equity. Notably, the inclusive effects are most pronounced in advanced economies, where robust fiscal frameworks support and amplify such effects. In contrast, emerging and developing economies experience more modest gains. Overall, the findings highlight the importance of welldesigned public spending programs for equitable growth. Finally, we conduct state-dependent local projections and a regional sub-sample analysis.
Background: Improving container terminal efficiency requires a comprehensive understanding of the interactions between vessel, truck, and container operations, yet existing studies often analyzed these components separately. In Japanese container terminals, where digitalization initiatives are progressing, empirical evidence based on integrated operational data remains limited. Methods: This study empirically analyzes turnaround times for vessels, trucks, and containers at five major Japanese container terminals using a composite dataset that integrates terminal operating system data, automatic identification system data, and liner service information. Descriptive statistical analyses and regression models are applied to examine vessel berthing time, truck arrival patterns and turnaround time, container dwell time within terminals, and container round-trip time outside terminals. Results: The analysis reveals distinct temporal patterns in terminal operations, including systematic morning–afternoon asymmetries and differences across cargo flows. Truck turnaround times increase with vessel calls and vary by time of day, while container dwell times are strongly influenced by terminal policies such as free-time rules. Regression analyses indicate that turnaround times are primarily affected by terminal-controlled factors. Conclusions: These findings demonstrate the importance of synchronizing quayside and landside operations. The study contributes integrated empirical evidence to the port digitalization literature and provides actionable insights for enhancing container terminal efficiency.
